According to ESPNNewYork's Mike Mazzeo, Felton "will have to plead guilty to at least one of those felony gun charges -- criminal possession of a weapon in the third degree or criminal possession of a firearm -- complete 500 hours of community service, pay a $5,000 fine, register as a gun offender and waive his right as a defendant to appeal the case."

Felton issued a statement after his hearing at Manhattan Criminal Court.

"I just want to say that I want to thank the DA for being fair to me in this whole situation," he said outside the court room. "I want to thank all my friends, my family especially, my fans, everybody just for supporting me and understanding the person I am."

Felton's attorney Jim Walden also spoke: "We want to thank the DA's office for focusing on the facts and only the facts. It's very clear that there was no proof, that there was never any proof that he ever used, threatened or pointed this gun at anyone. He never did that. It was a bold-faced lie. We're grateful that the DA's office saw through that and is going to allow him to continue his basketball career without interruption."

Felton was potentially facing a maximum of seven years in prison if he was convicted on two charges.